Litecoin (LTC) Amount: 2.5 LTC
The auction timer counts down to the end of the auction.
When the auction timer reaches 00:00:00, the auction ends and the winner is the user who placed the last bid.
1. Bidding is placing an offer.
2. Each bid on the previous offer extends the auction time by the time specified in the auction card. Depending on the auction, this can be from 5 to 60 seconds.
3. Each bid increases the item price by a few symbolic cents. Depending on the auction, this can be equivalent to 1 to 10 cents.
You need Bids to place a bid. BIDs are the currency of the service that allows you to participate in all auctions and buy items for pennies. To purchase BIDs, click here.
You can approach the auction yourself using the "Bid" button or use a special Auto-bidder that will help you participate in the auction when you are not at your computer. (read more).
Litecoin (ETC) is a decentralized, open-source cryptocurrency that was created in 2011 by Charlie Lee, a former Google engineer. Inspired by Bitcoin, Litecoin was designed to offer faster transaction times and lower fees, making it a more suitable option for everyday transactions and micro-payments.
Litecoin operates on a similar blockchain structure to Bitcoin but has some key differences. It uses a different hashing algorithm called Scrypt, which is intended to be more resistant to specialized mining hardware (ASICs) and more accessible for individual miners. Additionally, Litecoin's block generation time is around 2.5 minutes, compared to Bitcoin's 10 minutes, which allows for quicker transaction confirmations.
The total supply of Litecoin is capped at 84 million coins, four times the maximum supply of Bitcoin. This larger supply combined with faster block times contributes to its lower transaction fees and positions it as a more scalable and practical option for everyday use.
Although Litecoin has not gained the same level of attention as Bitcoin or Ethereum, it has maintained a strong community and remains a popular choice for investors and users looking for a reliable and accessible alternative to Bitcoin. Over the years, Litecoin has consistently been one of the top cryptocurrencies by market capitalization.